Halyk Savings Bank of Kazakhstan (HSBK.LI), mcap=$2.6bn, price $9.76 vs. $9.38

Pitch: Halyk Bank is the largest bank in Kazakhstan partially controlled by an oligarch family. The bank is 4x to 5x larger than its next competitor. Also partially a macro bet on Kazachstan on a premise that rich people need banks.

Valuation: Currently trades <4x forward net income with 30% ROE.

Exp. gain: Not provided

Full HSBK.LI write-up (free guest account required):

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